Question 4: Chapter 4 -Process Costing-Weighted Average Method (20 marks) The Waskawin Corporation is a leading maker of cardboard storage boxes. All direct materials are added at the beginning of the production in the Production Department. Conversion costs are applied to all products at an even rate throughout the manufacturing process. During the period, the beginning work in process inventory for the Production Department was 150,000 units that averaged 40% complete Ending work in process inventory was 235,000 units averaging 75% complete. Production data shows 1,500,000 units were started during the period. Beginning work in process inventory costs totalled $87,000 including $53,000 for conversion costs. Additional costs totalling $112,000 for direct materials and $225,000 for conversion were added during the period. Required 1) Using the weighted-average method, prepare a properly titled production cost report for the Production Department for the month of July 2018. (14 marks) 2) Prepare the T-account summarizing the transactions for the month of July 2018 Clearly label the account name as well as all of your entries, indicating the source or destination of each line item. (6 marks)